“(1) In general.—Notwithstanding any other provision of law, a person shall be treated as a citizen of the United States under section
12102(a) [now section
12103(a), (b)] of title 46, United States Code, section 2 of the Shipping Act, 1916 ([former] 46 App. U.S.C. 802) [see 46 U.S.C. 50501], and section 27 of the Merchant Marine Act, 1920 ([former] 46 App. U.S.C. 883) [see Disposition Table preceding section
101 of this title], for purposes of issuance of a coastwise endorsement under section
12106(e) of title
46, United States Code (as that section was in effect on the day before the date of enactment of this Act [Aug. 9, 2004]), for a vessel owned by the person on the date of enactment of this Act, or any replacement vessel of a similar size and function, if the person—

“(A) owned a vessel before January 1, 2001, that had a coastwise endorsement under [former] section
12106(e) of title
46, United States Code; and

“(B) as of the date of the enactment of this Act [Aug. 9, 2004], derives substantially all of its revenue from leasing vessels engaged in the transportation or distribution of petroleum products and other cargo in Alaska.

“(2) Limitation on coastwise trade.—A vessel owned by a person described in paragraph (1) for which a coastwise endorsement is issued under [former] section
12106(e) of title
46, United States Code, may be employed in the coastwise trade only within Alaska and in the coastwise trade to and from Alaska.

“(3) Termination.—The application of this subsection to a person described in paragraph (1) shall terminate if all of that person’s vessels described in paragraph (1) are sold to a person eligible to document vessels under section
12106(a) [now section
12112(a)] of title 46, United States Code.”